Oncology Ventures announces the close of its oversubscribed $30 million Fund I to invest in data-driven startups improving cancer care and research. With a strategic emphasis on driving commercialization success, Oncology Ventures aims to make cancer care more affordable, efficient and accessible for patients and their families.
Oncology Ventures is led by Ben Freeberg, a seasoned healthcare investor—having served as VP at Optum Ventures and first hire at Alpha Partners. Additionally, his operational experience at cancer startup Thyme Care and his personal experience as a cancer survivor uniquely position Freeberg to invest in and empower the next generation of cancer startups.
"Cancer care today is prohibitively expensive and overly complex. We will invest in cutting-edge data and AI solutions to tackle the most pressing challenges in oncology, from early detection to treatment optimization," said Ben Freeberg, founder and Managing Partner of Oncology Ventures. "We are excited by the overwhelming support for our first fund to accelerate cancer innovation."
The impact of cancer is enormous, unsustainable and growing. Annual cancer spend in the U.S. is $210 billion, growing at 12% each year. 40% of people will develop cancer in their lifetime, and 42% of those cancer patients lose their life savings within two years of a cancer diagnosis. Oncology Ventures is investing in startups that will improve care outcomes and reduce costs, bringing value-based care to cancer.
Oncology Ventures’ advisory board features a distinguished group of healthcare, venture and oncology experts, including the former Chief Medical Officer of UnitedHealth Group (Dr. Lee Newcomer), the co-founder of Threshold Ventures (Emily Melton), CEO of Flatiron Health (Carolyn Starrett) and CEO of OneOncology (Dr. Jeff Patton).
Additionally, the fund is backed by premier institutions including Cardinal Health, City of Hope, and Moffitt Cancer Center. "Oncology Ventures represents a collective effort to bring meaningful change to the oncology landscape," Freeberg shared. "Our experienced team, advisory board and limited partners are dedicated to helping these startups scale and positively impacting patients, caregivers, physicians and all those navigating the challenges of cancer care."
Oncology Ventures has made seven investments to date. The fund’s comprehensive set of investment theses span early detection for cancer (Gabbi and mPATH) to care navigation during treatment (Reimagine Care) through to survivorship care (OncoveryCare). Further, the fund is advancing healthcare infrastructure through innovations in cancer clinical trials (IgniteData), precision oncology (Concr) and healthcare AI enablement (Health Universe). Oncology Ventures has secured numerous enterprise contracts for its portfolio companies through its network of limited partners and strategic industry connections.
About Oncology Ventures
Oncology Ventures is a New York-based venture capital firm committed to revolutionizing cancer care and research. With a focus on investing in seed-stage companies, the firm leverages its deep industry expertise and extensive strategic network to advance oncology innovation and assist its portfolio companies with their commercialization efforts.
By investing in startups improving early detection, care navigation during treatment, survivorship and more, Oncology Ventures has positively impacted the lives of 80,000+ cancer patients. The fund is backed by nine strategic investors (including Cardinal Health, City of Hope, and Moffitt Cancer Center) and a suite of institutional fund-of-funds, family offices, and individuals.
For more information, email info@oncology.ventures or visit https://www.oncology.ventures.
To stay up to date on Oncology Ventures’ investment theses, for the latest on cancer innovation, and to get a small dose of comedy, subscribe to our monthly Substack newsletter.
